Yes, perhaps! A segment of the BJP, including MPs, think the company and Adani are being targeted.Nirmala Sitharaman, the union finance minister, stated on Friday that “investors’ trust” will remain in the market and that both LIC and SBI were not “over-exposed” (to Adani Group shares).
Adani market crash
Her colleague, Parliamentary Affairs Minister Pralhad Joshi, criticised the Opposition for interfering with Parliamentary business over the Hindenburg report while speaking to media in front of Parliament House. “The government is unrelated to it. Absolutely no link exists. The President’s Address will be the topic of discussion first. They are not having any problems, he claimed.
However, the majority of party leaders chose not to remark on the events. According to sources, they were informed that the government and institutions, not the party, should address this issue.
But, BJP officials have expressed concern about the potential collateral damage to the government, particularly in a year leading up to elections, when Gautam Adani announced the withdrawal of his group’s follow-on public offer on Wednesday night. According to certain BJP officials, they are awaiting “institutional” action. The market regulator SEBI has not yet responded, but on Thursday, the Reserve Bank of India asked banks for information on their exposure to Adani Group firms. On Friday, it declared that the banking industry was robust and stable.
The party has been able to preserve a distance from the chain of events that started with the US research firm’s report since the Adani meltdown so far doesn’t have a significant impact on many private investors mutual funds have limited involvement. A top leader declared: “If the collapse continues and becomes more complex, it will be a struggle.”
Another party senior claimed that the Adani Group’s “defend” of the accusations that they were “a premeditated attack on India, the independence, integrity, and quality of Indian institutions, as well as the growth story and aspiration of India,” had not been well received.
A portion of the BJP, including several MPs, thinks Adani and the company are targets of a “targeted” attack. Many of them are reluctant to remark because the issue is “too technical,” according to a party leader. Some politicians claim there is a plot, claiming that “the Opposition, notably the Congress, has been attacking Adani.”
An BJP MP used the opposition’s campaign against the Rafale aircraft sale as an example. “The Congress attacked the transaction with a vengeance, accusing corruption. However, the Supreme Court approved it. Why doesn’t the opposition file a lawsuit if there is a particular instance of wrongdoing? the MP declared.